| Latest Forum Topics / Koufu |
 Post Reply
|
|
Better Food. Better People. Better Life.(SGX: VL6)
|
|||||
|
pinata123
Member |
08-Mar-2019 17:29
|
||||
|
x 0
x 0 Alert Admin |
What do you think of this analyst report? how does it compare with uob? can believe? haha |
||||
| Useful To Me Not Useful To Me | |||||
|
sunview
Veteran |
08-Mar-2019 13:03
|
||||
|
x 0
x 0 Alert Admin |
We initiate a BUY recommendation on Koufu ($0.67, up 0.02) with a target price of $0.85 (pegged to 18x forward PE, at a slight discount to peers average forward PE of 19x). We believe that: 1. Koufu operates in a positive macro environment as the trend towards dual income household continue in Singapore. This implies higher spending on outside food that will help Koufu grow. a. The GDP growth of Singapore is expected to slow down due to uncertainties (Trade war/Brexit). Being a defensive stock, Koufu' s offering of low-cost consumables will cater to consumers that are looking to trade downwards to cheaper food alternatives from restaurants to food courts and coffee shops. b. NTUC has recognized this trend and has bought over Kopitiam in December 2018 to better cater to lower-income consumers, thus supporting our investment thesis. c. The government has also recognized the lack of hawker food in Singapore and Koufu can help to plug this gap. We expect more government incentives to promote this sector moving forward. 2. We think Koufu can grow in 2019 via: a. Organic revenue from vendors that has potential to grow as they pay variable rent tied to sales. b. Inorganic growth in Singapore via the opening of new coffee shops/restaurants/Quick Service Restaurants (QSRs) in 2019 that has already been planned in the pipeline. c. Further expansion into Macau that contributes to higher margins. Currently, Koufu has 1 outlet in Macau and will open 1 more in Macau University. 3. Koufu has an extremely robust cash collection/revenue generation model and this allows room for further growth. Operations in Singapore are growing steadily and Management is expanding in Macau, helping boost overall group margins. 4. Koufu will open its integrated facility in 1H20 that will help support margin expansion in the future. As a potential kicker, the sale of existing facility might be considered (~$7m-$10m), with proceeds either being re-invested or redistributed as special dividends. 5. Koufu has started on several small initiatives that might pay dividends in the long run. This includes automation of its operations, cashless payment systems and partnering with food delivery businesses such as Food Panda, Deliveroo or Grab Food. 6. Koufu has a strong balance sheet with a net cash position (9 Scts/share) and is currently trading at cheap valuations of PE 13.7x vs industry average of 33.7x. Careful deployment of this cash hoard will allow Koufu to grow its profitability going forward. Our TP is based on FY19F forward PE of 18x, is pegged at a slight discount to its peers average multiple of 19x. Koufu currently is in a net cash position of $56.2m, which represents 15.7% of market cap, ex-cash forward PE of 10.4x). We think this is a conservative level, given that current PE and forward PE of peers is at 33.7x and 20.3x, vs Koufu&rsquo s current PE of 13.7x and forward PE of 12.4x. Additionally, our forecasted profit of $29.1m (EPS of 5.2 Scts) in FY19F would bring total dividends to be at least 2.6 cts/share, representing an attractive dividend yield of 4.0% at $0.65, which is above industry peers of 2.9%. (Assuming Koufu maintains a payout ratio of at least 50% of net profits as guided since IPO). (Lim & Tan) Not vested, just for info. |
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
sunview
Veteran |
08-Mar-2019 11:49
|
||||
|
x 0
x 0 Alert Admin |
Yes, probably some knew about the reports earlier than others. Lim & Tan also initiated a BUY today with target price at $0.85. |
||||
| Useful To Me Not Useful To Me | |||||
|
francisd
Master |
08-Mar-2019 11:04
Yells: "BUY LOW SELL HIGH" |
||||
|
x 0
x 0 Alert Admin |
Last couple of sessions moving up (insiders buying I believe) and once the report is out the price is flat. :( |
||||
| Useful To Me Not Useful To Me | |||||
|
SmallSmall
Supreme |
08-Mar-2019 09:01
|
||||
|
x 0
x 0 Alert Admin |
Initiate buy call by UOB Kay Hian. Target $0.95 | ||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
Qanghoo
Supreme |
02-Mar-2019 22:22
|
||||
|
x 0
x 0 Alert Admin |
To me, food court food mostly junk. UNESCO heritate? I don' t know what heritage.
|
||||
| Useful To Me Not Useful To Me | |||||
|
bishan22
Supreme |
02-Mar-2019 13:49
|
||||
|
x 0
x 1 Alert Admin |
The title should revised to junk food... | ||||
| Useful To Me Not Useful To Me | |||||
|
huathuat88888
Elite |
02-Mar-2019 12:19
|
||||
|
x 0
x 0 Alert Admin |
Wanted to invest in this Koufu but after the Kimly issue, very scared to invest in such stocks.
Not sure what kind of mgtm pple they have in Koufu. Anyone knows them well ? What if they are in the same category like Kimly ? |
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
huathuat88888
Elite |
02-Mar-2019 00:14
|
||||
|
x 0
x 0 Alert Admin |
Can consider investing in this Koufu.
Avoid Kimly though. Kimly directors under investigations . Why ? So obvious isnt it. Once investors trust and confidence shattered, thats it. |
||||
| Useful To Me Not Useful To Me | |||||
|
n3wbie
Elite |
01-Mar-2019 23:51
|
||||
|
x 0
x 0 Alert Admin |
has anyone been paying attention to this? a solid set of results and good growth roadmap ahead with new integrated facility 5x the size of present central kitchen. valuations are very undemanding as well trading at just 13.4x FY19 PE (however of the $350m market cap ~25% ($91m) are cash + time deposits) so this gives an ex-cash PE of ~10x FY19. this compares with the sector average of 17-20x PE. only broker covering is DBS and they are forecasting $26m FY19 NPAT but company has guided that the positive contribution led by re-opening of MBS food court alongside their other growth plans locally and abroad starting from Macau. 4QFY18 saw full contribution from MBS food court as well and excluding all one-off costs, adjusted NPAT was $7.8m so if we extrapolate that across the upcoming quarters for FY19, believe the brokers will also need to up their NPAT estimates. current price, 63c is also where Albizia took a ~3.7% stake recently. with a ~3.5% yield, consistently strong operating cash flow generation and growth roadmap clearly outlined in their recent slides - quite rare do we see a home grown company generating ~$25m NPAT (probably one of the highest among F& B players in SG - higher than Breadtalk, Jumbo, Kimly etc), think its a matter of time this stock gets market' s attention. welcome any thoughts and opinions to stress test. |
||||
| Useful To Me Not Useful To Me | |||||
|
benjidog
Supreme |
20-Aug-2018 18:42
|
||||
|
x 0
x 0 Alert Admin |
short sharkies no show today. see tomorrow holiday eve got show anot
|
||||
| Useful To Me Not Useful To Me | |||||
|
lovetoshare
Elite |
20-Aug-2018 09:28
|
||||
|
x 0
x 0 Alert Admin |
It will only go down and down and down. This type of stock, normally give dividend only. Nothing special. Which IPO dont expand regionally to attract more silly group to buy in? When you expand, you need more monies but future nobody can promise you.... but anyway, it is public money, so no worries for management,,,
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
sengsk
Elite |
20-Aug-2018 08:22
|
||||
|
x 0
x 0 Alert Admin |
That' s why all these foodcourt start IPO. Long term, Long investors are holding their shit.
|
||||
| Useful To Me Not Useful To Me | |||||
|
ysh2006
Supreme |
20-Aug-2018 05:43
|
||||
|
x 0
x 0 Alert Admin |
The govt will built 13 more new hawker centres mentioned by Mr Lee HL last night. Cheap food in hawker centres price less $3.00 , which mean less people will eat at foodcourt.
|
||||
| Useful To Me Not Useful To Me | |||||
|
benjidog
Supreme |
19-Aug-2018 18:15
|
||||
|
x 0
x 0 Alert Admin |
see 3M stabiliser disappear tomorrow? what happens then? sharkie come in to short?
|
||||
| Useful To Me Not Useful To Me | |||||
|
ysh2006
Supreme |
19-Aug-2018 11:14
|
||||
|
x 0
x 0 Alert Admin |
Go there eat what ? | ||||
| Useful To Me Not Useful To Me | |||||
|
Stocky901
Supreme |
18-Aug-2018 12:26
|
||||
|
x 0
x 0 Alert Admin |
When stabilizing support stopped, will go down like RE&S and NosignBoard. be careful.. | ||||
| Useful To Me Not Useful To Me | |||||
|
sbscap
Master |
18-Aug-2018 11:55
|
||||
|
x 0
x 0 Alert Admin |
Best case fundamentally ... the company maintains a strong presence in Singapore in coffeeshop biz (but how? so competitive with high rent and high labor cost) and is able to successfully add other biz (those divisified and related biz also very competitive, just look at Neo Garden and it is better to wait for these biz to become big and viable) with more talents added post IPO (typical Chinese/family biz where no sane brilliant talent will join for long or allowed to prosper/lead), paying high dividends to shareholders (becareful ... may not be sustainable ... but we rather the company multiply the reserves for us) and opportunistically expand regionally or internationally (most Singapore biz failed when they are outside the country) and getting traction with institutional investors (fat hope, small/mid caps are toxic to these funds). In short, if the company is fundamentally strong, I may consider buying at signficantly below fair value if I don' t have any other similarly attractive small caps to buy. | ||||
| Useful To Me Not Useful To Me | |||||
|
commando
Master |
18-Aug-2018 11:17
|
||||
|
x 0
x 0 Alert Admin |
Fundamental strong lah.....expanding...can consider | ||||
| Useful To Me Not Useful To Me | |||||
|
ysh2006
Supreme |
18-Aug-2018 07:33
|
||||
|
x 0
x 0 Alert Admin |
Maybe lah because no more supporting price after IPO loh....wef next week....
|
||||
| Useful To Me Not Useful To Me | |||||